Oil & Gas

The Industry

The petrochemicals market is experiencing significant growth, with projections showing a rise from $365.01 billion in 2020 to $429.11 billion in 2021, and an expected reach of $477.85 billion by 2025. Within this industry, maximizing economic performance throughout the hardware’s lifespan is a key objective. By leveraging AI, industrial processes can be enhanced, leading to improved efficiency and reduced downtime through predictive maintenance. In fact, AI has the potential to generate operational cost savings of up to 30-40% in the petrochemical sector.

How AI Is Transforming the Oil & Gas Industry

Leading players in the petrochemical industry have already embraced AI as a transformative force. Shell, for instance, employs AI solutions to predict downstream demand, optimize the supply chain, and determine the optimal oil mix for refineries. Many other companies are also utilizing AI across various applications, including those mentioned above. One crucial use case in the petrochemical sector involves leveraging modern machine learning techniques to minimize emissions and optimize pipeline operations, ensuring minimal environmental impact. AI’s ability to analyze vast amounts of data and identify intricate patterns positions it favorably to tackle challenges that were previously deemed unsolvable. By harnessing AI’s potential, the petrochemical industry can shift away from considering emissions and hazards as an inherent aspect of doing business, paving the way for greater efficiency and intelligence in the sector.

What can AI do?